McComb Team: Insurance Services

By: Weston Mccomb  09-12-2011
Keywords: Insurance, Financial Services, Estate Planning

Insurance Services

In partnership with National Bank Financial, wel are pleased to offer our clients access to the following insurance services:

An insured annuity is a financial instrument that combines an annuity and life insurance. This combination allows you to earn higher returns on your cash assets than with traditional vehicles, such as guaranteed investment certificates (GICs), while preserving tax-free capital for your heirs.

Life insured annuities work on a simple principle: With the portion of your savings that is not sheltered in a registered plan (retirement savings plan, retirement income fund, etc.), you purchase a lifetime annuity. The annuity provides you with a fixed income for the rest of your life. At the same time, you take out an insurance policy for an identical amount. Upon your death, the policy serves to reconstitute the annuity purchase amount, which goes to your estate in full, since life insurance benefits are tax-free.

When you die, your heirs may be surprised to find that the tax man is about to claim a significant portion of their inheritance. Some of the shock will be cushioned if you are survived by your husband or wife: under certain conditions, some assets, such as an RSP and a RIF, can be rolled over to a spouse tax free. However, when your spouse dies, tax authorities will deem all your assets to have been disposed of, which can result in substantial taxable income and/or capital gains.

Life insurance plays a very simple role in estate planning by protecting the net value of your estate after you and your spouse die.

Universal life combines life insurance and investing, allowing you to build tax-sheltered capital for your retirement, or for your heirs.

Each policy is unique: you determine how you will use the insurance and investment options, depending on your own personal needs. Choose from many investment options: your returns can be based on ordinary term deposits or on various indexes, including the SM (Canadian bonds), TSE 100 (Canadian stocks), S&P 500 (US stocks) or MS (international stocks). Funds deposited in a universal life account enjoy tax-sheltered growth and a measure of protection against potential creditors.

The group insurance division of NBF Financial Services can help you determine and obtain the most appropriate coverage for your company at the best possible price. With our help, your company can maximize its group insurance plan and turn it into a solid competitive advantage in the employment market.

Keywords: Annuity, Estate Planning, Financial Services, Insurance, Stocks

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